Crypto Adoption Soars Among Young Europeans: Bitpanda and YouGov Survey

The stock and crypto markets have been experiencing turbulence for several weeks, causing uncertainty among many investors. Despite this volatility, a new study released on August 8 by Bitpanda , Europe’s leading crypto broker, in collaboration with YouGov, a UK-based market research company, shows that young investors still believe in the potential of cryptocurrencies.

Bitpanda and YouGov surveyed 6,147 Europeans from Germany, France, Switzerland, Austria and Italy via an online interview between July 2 and 7, 2024 to explore changing attitudes towards cryptocurrencies.

Switzerland leads the way in crypto adoption

Switzerland has emerged as the European frontrunner in crypto adoption, according to the study. 23% of the Swiss population already owns cryptocurrencies, outpacing traditional investments like exchange-traded funds (ETFs) and precious metals like gold.

Total population invested in cryptocurrency by country in %. Source: Bitpanda x YouGov

While stocks remain the most popular asset class overall, cryptocurrencies have captured the imagination of the Swiss public, especially among younger generations. Millennials (28-43 y.o.) and Gen Z (18-27 y.o.) are driving the crypto trend in Switzerland, with 32% and 29%, respectively, having invested in digital currencies.

Every fifth Austrian owns crypto

Cryptocurrencies are also gaining traction in Austria, with nearly one in five Austrians now owning digital assets. Millennials are leading the chart, with 28% having invested in crypto, followed by Gen Z at 21%. Older generations are less likely to participate, just 8% of Baby Boomers (60 – 69 y.o.) owning crypto.

Millennials and Gen Z invested in cryptocurrency by country in %. Source: Bitpanda x YouGov

54% of Austrians under 43 y.o. expect Bitcoin ( BTC ) price to rise in the next 12 months. This optimistic outlook is shared not only by those who have previously invested in cryptocurrencies but also by those who have no experience with crypto investments.

France, Germany, Italy: Crypto enthusiasm is growing

In France, 14% of respondents already own digital assets. The younger generation, as in Switzerland and Austria, is leading the charge, with 23% of Millennials and 22% of Gen Z investing in crypto. Looking ahead, optimism for cryptocurrencies remains high. Over one-third (32%) of French Millennials plan to invest in crypto within the next year, while nearly one-third of Gen Z (29%) also intends to enter the market.

While only 11% of German respondents own cryptocurrencies, the figures are even more striking among Millennials and Gen Z, with 22% and 12%, respectively, having invested in digital assets. This trend will continue as in Switzerland, Austria and France, as young Germans plan to enter the crypto market next year. Nearly one-third of Millennials (33%) and one-fifth of Gen Z (18%) intend to invest in cryptocurrencies within the next 12 months, fueled by optimism about Bitcoin’s future price.

Italy shows the lowest cryptocurrency adoption rate, with only 9% of investors owning digital assets. While Millennials (16%) and Gen Z (13%) show some interest, their involvement is significantly lower compared to other European countries.

European investors want more financial independence

While the potential for high returns was the primary motivator for crypto investment across all countries surveyed (24%), other factors also played a significant role. Independence from traditional financial institutions (22%) and the desire for anonymous transactions (21%) were key drivers as well.

Key motives for investing in cryptocurrencies. Source: Bitpanda x YouGov

According to Eric Demuth, co-founder and CEO of Bitpanda, the study shows a dramatic change in investment behavior: “Younger generations are embracing new asset classes like cryptocurrencies with open arms, while older generations remain more cautious”.

The increasing number of new Bitpanda users, reaching 500,000 in Q2 2024 alone, reflects a growing European appetite for digital assets.